QuickBooks Payments Review

Overall Rating

Overview

QuickBooks Payments (quickbooks.intuit.com/payments/), formerly known as “QuickBooks Merchant Services” or “QBMS,” is a credit card processing option included with the QuickBooks accounting software by Intuit. The backend card processing services for QuickBooks Payments is handled by Intuit Merchant Services. We have decided to review QuickBooks Payments separately because the terms and conditions of a QuickBooks Payments account are different than those offered through Intuit’s traditional merchant accounts. QuickBooks Payments allows merchants to process credit cards via their QuickBooks accounting software, which also includes automatic bookkeeping of the transactions. Brad Smith is the CEO of Intuit, which is headquartered at 2632 Marine Way, Mountain View, California 94043.

Sales & Marketing | A+

Key Points – Sales & Marketing

Uses independent resellers?

Yes

Promotes deceptive rate quotes?

No

Discloses all important terms?

Yes

QuickBooks’ credit card processing option is primarily marketed through direct email and mail marketing, online advertising, and via the QuickBooks accounting software. Intuit doesn’t appear to use independent sales agents, but does have a reseller program that allows other sales organizations to market and sell its services. These third-party organizations may contract with their own independent agents, which could inflate pricing or cause changes to terms and conditions. Merchants are advised to deal directly with Intuit when setting up a QuickBooks Payments account.

Costs & Contract | B+

Key Points – Costs & Contract Terms

Swiped rate:

1.75% + $0.25 or 2.40% + $0.25

Keyed-in rate:

3.25% + $0.25 or 3.40% + $0.25

Termination fee:

None

PCI compliance fee:

Variable

Equipment lease:

Variable

There is no setup cost for a QuickBooks Payments account other than purchasing the QuickBooks accounting software. Additionally, there is no service length requirement or termination fee for cancelling the QuickBooks credit card processing option. However, merchants who accept a free copy of QuickBooks in exchange for setting up a QuickBooks Payments account may be subject to a software “recovery fee” if they cancel service within 24 months of opening the account. The recovery fee is stated to be the market cost of the QuickBooks accounting software as of the date of cancellation.

QuickBooks Payments offers two separate pricing plans for merchants. The standard plan is free to use and charges 2.40% plus $0.25 per swiped transaction and 3.40% plus $0.25 per keyed transaction. The pro plan charges a monthly fee of $19.95 and offers lower rates of 1.75% plus $0.25 per swiped transaction and 3.15% plus $0.25 per transaction. Both plans charge a flat $0.50 per ACH transfer. Merchants may also be required to pay an annual PCI Compliance fee that is based on the number of estimated transactions per year: $35 for 1-24 transactions, $50 for 25-99 transactions, or $100 for 100+ transactions. Merchants are encouraged to fully read and understand the pricing portion of the merchant application before setting up an account.

It’s important to note that merchants who sign up with Intuit Merchant Services to use desktop terminals or POS systems will be subject to different terms and conditions, which could include cancellation fees.

Complaints & Service | A-

Key Points – Complaints & Service

Total complaints:

<10

Live customer support?

Yes

Most common complaint:

N/A

There are relatively few QuickBooks Payments negative reviews considering the popularity of the QuickBooks accounting program among small businesses in the United States. However, among the complaints, the most common types found regard difficulty using the program and its credit card processing features (QuickBooks does require a little training if you are new to accounting programs), problems with integration with the QuickBooks point-of-sale software, and difficulty getting problems resolved with customer support. Due to the low amount of complaints, these reports appear to be mostly isolated incidents and do not indicate widespread problems.

BBB Report | N/A

QuickBooks Payments does not have a dedicated Better Business Bureau report, so this portion of our review will not be factored into the service’s overall rating. Intuit’s main BBB report, which covers its entire suite of products and services, has an “A+” rating. The grand majority of the complaints filed with the BBB have been resolved to the customers’ satisfaction.

Bottom Line

QuickBooks Payments is a very popular credit card processing service among merchants who use the QuickBooks accounting software. Overall, the costs and fees of the service are about average for the industry; however, QuickBooks Payments has no cancellation fee, which makes it an attractive option for many merchants. The service itself has relatively few complaints, but merchants are encouraged to read and understand the terms and conditions before signing and take basic QuickBooks training via a course or self-study. It appears that merchants who properly educate themselves are unlikely to experience problems.

This review was originally published on 8/6/12 and was last updated on 3/16/15.

Disclaimer: While the information in the above article is believed to be accurate as of its publish date, the author and publisher make no representation or warranties with respect to the accuracy, applicability, fitness, or completeness of the contents. The author and publisher shall in no event be held liable to any party for any direct, indirect, punitive, special, incidental or other consequential damages arising directly or indirectly from any use of this material, which is provided “as is,” and without warranties. Any and all use of trade names and/or marks are for identification purposes only and shall not be construed as a claim of affiliation, or otherwise, with CardPaymentOptions.com, Inc. ("CPO") in any form. The sole purpose of the material presented herein is to alert, educate, and inform readers. It is not intended as legal or financial advice.

About Phillip Parker

Phillip Parker is a former merchant services agent turned small business advocate and the author of "Fee Sweep," which teaches merchants how to dramatically lower their processing rates, eliminate junk fees, and avoid fine-print scams. He founded CardPaymentOptions.com to help merchants enact positive change in the credit card processing industry.
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2 comments

DO NOT use quickbooks merchant services! I have a small pediatric therapy business. I allow my clients to pay their invoices online. Recently, Intuit did a software update and due to a glitch the account number where they send my deposits was changed to a strangers account. Someone not associated with my business was receiving money from my clients. This good Samaritan was the person who caught this. I spent an hour and a half on the phone with merchant services the first time I called. They said they would resolve it. Three days later, I called because I had not heard anything. They had no information on my case other than that I called. I was furious. After 2.5 hours and speaking with supervisors, they promised to have my money in about 4 days. They claimed they had to do an investigation and asked me to provide them with the contact information of the good Samaritan that called me. UNBELIEVABLE!! To me this is unacceptable. It has been four days and still no money. It is beyond me how a tech company can be so sloppy. I have employees to pay, tax payments coming up and none of it matters. What is most infuriating is that it was their mistake in the first place. They are blaming the banks for the hold up, but I don’t believe that for a second. Companies credit and debit bank accounts all the time. We are talking thousands of dollars here. Once I get my money, I will be dropping all of my intuit services.

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